Eurasia's Economic Shift: The Rise of De-Dollarization and the Quest for Financial Autonomy

Document Type : Original Article

Authors

1 Department of South-East Asia and Ocean Studies, Faculty of World Studies, University of Tehran, Tehran, Iran.

2 A Doctoral Scholar and Head of Iran Program at Institute of Regional Studies, Islamabad, Pakistan

10.22059/jices.2024.98941

Abstract

The article "Eurasia's Economic Shift: The Rise of De-Dollarization and the Quest for Financial Autonomy" critically examines the transformative movement away from the US dollar within Eurasia, a region increasingly defined by its quest for financial sovereignty. Emerging economies, including China, Russia, Iran, and key players like India and Brazil, are actively pursuing alternative economic frameworks aimed at reducing dependency on the dollar, a shift exacerbated by geopolitical pressures such as US sanctions. The imposition of these sanctions, particularly following the Ukraine conflict, has catalyzed a reevaluation of monetary strategies and significant advances in de-dollarization efforts. This movement is exemplified through various bilateral agreements, such as India’s trade settlement with Bangladesh and enhanced collaborations between Iran and Russia. Moreover, innovations in digital assets and Central Bank Digital Currencies (CBDCs) have the potential to disrupt dollar dominance further. The BRICS coalition and the Shanghai Cooperation Organization (SCO) emerge as pivotal platforms for fostering economic cooperation and currency diversification. This article emphasizes the complexities and implications of these developments within Eurasia, highlighting the potential for a multipolar financial landscape that challenges the long-standing hegemony of the US dollar. It enhances the agency of Eurasian nations and their partners, connected through organizations, like BRICS, fostering cooperation for mutual economic benefits.

Keywords

Files

Share

How to cite

Statistics